260410.mbx

260410.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, April 10, 2026, Vol. 27, No. 72 Headlines B A H A M A S FTX GROUP: Binance, Ex-CEO Seek End to $1.8B Clawback Suit B R A Z I L BRAZIL: Exports to US Fall for Eighth Month as China Surges NEW FORTRESS: Extends Letter of Credit Agreement to Sept. 15 C O L O M B I A COLOMBIA: S&P Lowers Long-Term Foreign Currency SCR to 'BB-' D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Grows 3.9% in Feb, Best Performance in 11Mo G U A T E M A L A MILLICOM INT'L: Moody's Rates USD75MM Add-on Sr. Unsec. Notes 'Ba3' J A M A I C A ECLIPSE AT HALF MOON: Reopens After 6 Months of Closure JAMAICA: BoJ Holds Benchmark Interest Rate at 5.5% Per Annum P U E R T O R I C O HAITI: Facing Increasingly Challenging Macroeconomic Environment PUERTO RICO: 1st Cir. Mulls if Restructuring Shields Officials PUERTO RICO: Bankruptcy Blocks Paul Weiss, ACLU Fee Requests RB MARKETPLACE: To Sell Freightliner to Eduard Vega Delgado - - - - - ============= B A H A M A S ============= FTX GROUP: Binance, Ex-CEO Seek End to $1.8B Clawback Suit ---------------------------------------------------------- Rick Archer at law360.com reports that Binance and its founder told a Delaware bankruptcy judge there are no grounds on which to claw back a $1.76 billion payment to the cryptocurrency platform from its defunct competitor FTX, saying it was a fair deal reached outside her jurisdiction. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== BRAZIL: Exports to US Fall for Eighth Month as China Surges ----------------------------------------------------------- Richard Mann at Rio Times Online reports that Brazilian exports to the United States fell 9.1% in March to $2.89 billion, down from $3.18 billion in March 2025, according to data from the Secretaria de Comercio Exterior (Secex) of the Ministry of Development, Industry, Commerce and Services. Imports from the US also declined, falling 6.3% to $3.31 billion, according to Rio Times Online. The result was a $420 million monthly deficit with Washington -- and the eighth consecutive month of year-on-year export declines since Trump's surcharge took effect in mid-2025, the report notes. The Q1 picture is worse, the report relays. Cumulative exports to the US dropped 18.7% to $7.78 billion, while imports fell 11.1% to $9.17 billion, producing a $1.39 billion quarterly deficit, the report discloses. The MDIC estimates that 22% of Brazilian exports remain subject to the surcharges established in July 2025 — either the 40% extra rate alone or the 40% plus a 10% base tariff, the report relays. Some products were exempted late last year, but the core damage to the bilateral corridor is structural, not cyclical, the report discloses. China Absorbs the Difference The mirror image is China, notes Rio Times Online. Exports to Beijing jumped 17.8% in March to $10.49 billion, up from $8.90 billion a year earlier. Imports from China surged 32.9% to $6.66 billion, the report notes. The monthly surplus with China was $3.83 billion -- nearly ten times larger than the deficit with the US in the same month, the report says. Over Q1, exports to China rose 21.7% to $23.89 billion, with a cumulative surplus of $5.98 billion, the report discloses. China has been absorbing Brazil’s US export losses since the surcharge began, but the Q1 pace -- with Chinese purchases now three times the US level -- marks a new threshold in the structural dependence, the report relays. The composition of the shift matters, the report notes. Soybeans, beef, and crude oil -- the commodities most easily redirected -- dominate the China-bound flows, the report says. Manufactured goods, which depend on established supply chain relationships and product certifications, have been harder to reroute, the report notes. This means the trade pivot is deepening Brazil’s commodity profile while weakening its industrial export base to the US, the report relates. EU Gains, Argentina Contracts The report notes that the European Union is emerging as the most balanced partner. Exports to the bloc rose 7.3% in March and 9.7% in Q1 to $12.23 billion, with imports down 2.2%, producing a $625 million quarterly surplus, says the report. The EU-Mercosur trade agreement signed in January 2026 may be contributing to confidence on both sides, though the tariff phase-in is years away, the report discloses. For Brazil, the EU provides diversification away from China dependence — a hedge that becomes more valuable as the Beijing corridor deepens, the report says. Argentina tells a different story, the report notes. Exports to Brazil's largest regional partner fell 5.9% in March and 18.1% in Q1 to $3.45 billion, the report notes. The decline reflects Milei's austerity program: while inflation has fallen sharply, an estimated 21,900 companies have closed, manufacturing has contracted for six consecutive months, and approximately 290,000 formal jobs have been lost, the report discloses. Argentina is buying less because its economy is consuming less, the report says. The bilateral surplus of $703 million is maintained only because Argentina’s imports from Brazil fell even faster, the report notes. What the Numbers Mean Brazil's overall trade surplus for March was $6.41 billion, demonstrating that the macro picture remains healthy, the report relays. But the bilateral composition is shifting in ways that carry long-term consequences, the report discloses. Brazil ended 2025 with record exports despite the tariff shock, and China absorbed the losses, the report says. The Q1 2026 data shows that pattern intensifying, not moderating, the report notes. The concentration risk is now undeniable, the report relays. China bought more than three times what the US did in Q1 -- and nearly twice the EU's total, the report notes. Any disruption to the China corridor, whether from Beijing's own import quotas on beef, a shift in soybean procurement strategy, or geopolitical friction, would hit Brazil's trade balance harder than the Trump surcharge did, the report says. The question is no longer whether Brazil is pivoting to China, the report notes. It is whether the pivot has gone far enough to become a vulnerability of its own, the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. NEW FORTRESS: Extends Letter of Credit Agreement to Sept. 15 ------------------------------------------------------------ New Fortress Energy Inc. disclosed in a regulatory filing that it entered into the Fourteenth Amendment Agreement, by and among the Company, as the borrower, the guarantors party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions party thereto, as lenders and issuing banks, which amends that certain Letter of Credit and Reimbursement Agreement, dated as of July 16, 2021, by and among the Company, as the borrower, the guarantors from time to time party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto, as lenders and issuing banks, to, among other things, (a) extend the maturity date of the Letter of Credit Agreement to September 15, 2026; and (b) waive certain existing events of default, in each case on the terms and subject to the conditions set forth in the Fourteenth Amendment and only during the period specified therein. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. =============== C O L O M B I A =============== COLOMBIA: S&P Lowers Long-Term Foreign Currency SCR to 'BB-' ------------------------------------------------------------ On April 8, 2026, S&P Global Ratings lowered its long-term foreign currency sovereign credit rating on Colombia to 'BB-' from 'BB' and its long-term local currency rating to 'BB' from 'BB+'. The outlooks on both ratings are stable. S&P affirmed its 'B' short-term ratings. S&P also revised downward its transfer and convertibility assessment to 'BB+' from 'BBB-'. Outlook The stable outlook reflects S&P's expectation that the government will only gradually lower its fiscal deficit while sustaining moderate GDP growth. The process of reducing inflation to within the central bank's target range and reanchoring inflation expectations is likely to take time. The stable outlook also incorporates a moderate widening of the current account deficit. Downside scenario S&P said, "We could lower our ratings in the next six to 18 months if higher fiscal deficits than we expect lead to persistently large external outflows and higher external debt, making Colombia increasingly vulnerable to external shocks. We could also downgrade Colombia if the central bank's credibility weakens and diminishes its capacity to implement monetary policy." Upside scenario S&P could raise its ratings over the next six to 18 months if the government undertakes fiscal consolidation that reduces fiscal deficits and stabilizes and eventually lowers Colombia's debt. Fiscal consolidation, combined with moderate current account deficits, could gradually strengthen Colombia's external indicators, supporting greater economic resilience. Rationale S&P's ratings on Colombia capture its limited fiscal flexibility, high debt burden, weak external position, and moderate GDP per capita. Fiscal policy has become less predictable, highlighted by the government's decision to suspend the country's fiscal rule last year. The political environment has not been supportive of meaningful tax reforms. Expansive government primary spending, high interest rates, and lower-than-expected revenue collections have caused large deficits since 2024. Fiscal slippage and other economic policies have created expectations of higher inflation, leading Colombia's central bank to tighten monetary policy. The ratings reflect the monetary flexibility that comes from Colombia's independent central bank, which has pursued an inflation-targeting monetary policy with a floating exchange rate that provides buffers against external shocks. The ratings also take into account Colombia's long-term democracy and political stability, with checks and balances. Offsetting these institutional strengths are Colombia's persistent security challenges. Institutional and economic profile: Less predictable fiscal policy poses risks for long-term economic growth and a sustainable fiscal position -- Colombians will vote in May 2026 to elect a new president after a legislative election in March 2026 resulted in a fragmented legislature. -- It remains to be seen if the next administration will pursue fiscal consolidation. -- S&P expects economic growth to be 2.5% in 2026, marginally lower than the 2.6% growth posted in 2025. Colombia's policy framework has become less predictable since the 2020 pandemic-related recession. An expansion of spending and shortfalls in government revenue have led to consistently high fiscal deficits. In 2025, Colombia suspended its fiscal rule, a key fiscal policy anchor, for three years. Fiscal budgets for the last two years have been decreed or approved assuming revenues from tax reforms that Congress subsequently rejected. The new government will inherit spending pressures on domestic security, high increases in minimum wages leading to higher pension payments, and rising health care costs. The political environment has not been supportive of meaningful tax reforms, shown by the withdrawal of a reform bill in 2021 and the defeat in Congress of tax reforms proposed in 2024 and 2025. Moreover, there is uncertainty about the outcome of the reform bill that transfers spending authority to subnational governments from the central government, a requirement from an earlier law that will result in a major increase in transfer of funds to subnational governments. Colombia's security situation still poses political, social, and economic challenges, and it affects our institutional assessment of the country. Crime and violence remain high, despite the signing of a peace accord with the country's largest guerrilla group in 2016. Drug production is reportedly at record levels. A legislative election in March 2026 delivered a fragmented Congress for 2026-2030. Pacto Histórico (the party of the current government) and Centro Democratico (the main opposition) have the largest minorities. Traditional parties dominate a large share of Congress and tend to align with the government in place, but don't have a track record of fiscal prudency. Colombians will vote on May 31, 2026, in the first round of the presidential election, and potentially on June 21 in a second round. The new president will take office on Aug. 7. Leading candidate Iván Cepada (Pacto Histórico) likely represents continuity with current government policies. Center-right coalition candidate Paloma Valencia and right independent candidate Abelardo de la Espriella have spoken about fiscal consolidation but have not presented any concrete proposals. S&P said, "We expect GDP growth of 2.5% in 2026, just below the 2.6% in 2025. Consumption will support growth, thanks to a recent increase in real wages, historically low unemployment, and government transfers. Because the country is a net energy exporter, Colombia's GDP growth may benefit from higher energy prices but will also be affected by tighter monetary policy that will constrain consumption and investment. We expect economic growth to trend to 2.9% annually by 2029--or close to potential levels. We estimate GDP per capita at US$9,900 in 2026 and real per capita growth to average just above 2% for 2026-2029." A more predictable policy environment, helping to reanchor inflation expectations and lower short- and long-term interest rates, would help boost investment. Investment has averaged 17% of GDP over 2021-2026, lower than in most emerging markets. A more stable Venezuela, Colombia's natural trading partner, could boost exports and potentially improve security at the border, which has been affected by large population displacements and illegal activity. Flexibility and performance profile: Weak fiscal position, pro-cyclical economic policies, and higher energy prices are pushing up inflation -- S&P expects elevated fiscal deficits for 2026 and 2027. -- A recent rise in inflation, along with the impact of substantially higher minimum wages, will push the central bank to maintain tight monetary policy. -- Consumption will again lead GDP growth as investment remains sluggish. S&P said, "We expect the general government fiscal deficit to be 5.6% of GDP in 2026, compared with 5.3% of GDP in 2025. The government has had revenue shortfalls compared to its budget assumptions in the last two years, resulting in weakening public finances despite attempts to raise new taxes. We assume Colombia's budget rigidities and the difficulties in raising new revenues will result in a long and gradual fiscal consolidation, with general government deficits averaging 4.8% over 2027-2029. Our definition of the general government deficit includes the central government, social security systems, a deposit guarantee fund, the central bank, and local and regional governments. "We forecast the change in net general government debt to average 6.1% of GDP during 2026-2029, accounting for the impact of currency depreciation and debt indexation. We expect net general government debt to approach 66% of GDP by 2029, from 60.4% in 2025. "We expect Colombia's interest burden to average 12.3% of general government revenue over 2026-2029. According to Colombia's fiscal accounting, the difference between the price of a sovereign debt instrument sold at a discount and its par value is recorded as interest payment in the year of the transaction. The government relied heavily on long-term debt issuances sold at a discount during 2022-2024, which translated into a high level of interest payments. In 2025, the government reversed this issuance policy and shifted to issuing shorter-term instruments, which reduced its reported interest payments, based on accounting norms. However, a shorter maturity profile increases the vulnerability to sudden increases in interest rates. "We assess the sovereign's contingent liabilities as limited. Our assessment of Colombia's financial system, with total assets estimated at 65% of GDP as of 2025, is based on our classification of the system in our Banking Industry Country Risk Assessment (BICRA) group 6. (Our BICRA groups are on a scale from 1 to 10, with 1 denoting the lowest risk and 10 the highest risk.)" Colombia's central bank has a long track record of targeting inflation and letting the currency float freely. That said, severe transitory shocks such as postpandemic consumption recovery, removal of fuel subsidies, and climate events, as well as large fiscal deficits and persistent increases in minimum wages, have helped push inflation above the central bank's target range of 3% +/- 1% since August 2021. Annual inflation reached 5.3% in February 2026, and S&P expects it to average 5.9% in 2026 and only fall into the tolerance range by early 2029. So far in 2026, the central bank has increased its reference rates by 200 basis points in two decisions to 11.25%. S&P expects the current account deficit (CAD) to continue to widen and then stabilize at around 2.6% of GDP over 2026-2029, reflecting import growth due to rising domestic consumption and only marginally mitigated by higher oil export prices. The services account is likely to be in balance in 2025, compared to the 1.5% of GDP deficit a decade ago, due to rising tourism and corporate service activities. A more restrictive immigration policy in the U.S. would likely halt the fast increase in remittances observed since 2025, but remittances should continue to account for around 3.4% of GDP over the following years. S&P said, "We expect foreign direct investment to largely fund the CAD, along with fiscal consolidation, translating into narrow net external debt stabilizing at 130% of current account receipts (CAR) in 2026-2029. We expect gross external financing needs of just below 100% of CAR for the same period." Despite numerous free trade agreements and logistical improvements, Colombian exports are still concentrated in the hydrocarbon sector, historically resulting in high volatility in terms of trade. That said, hydrocarbon exports declined to 35% of goods exports in 2025 from 67% in 2013. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List Downgraded; Outlook Action To From Colombia Sovereign Credit Rating Foreign Currency BB-/Stable/B BB/Negative/B Local Currency BB/Stable/B BB+/Negative/B Downgraded To From Colombia Transfer & Convertibility Assessment Local Currency BB+ BBB- Senior Unsecured BB BB+ Senior Unsecured BB- BB Ratings Affirmed Colombia Short-Term Debt B =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Grows 3.9% in Feb, Best Performance in 11Mo --------------------------------------------------------------- Dominican Today reports that the Dominican Republic's economy recorded its strongest performance in nearly a year in February 2026, with a 3.9% year-on-year expansion, according to preliminary data from the Central Bank's Monthly Indicator of Economic Activity (IMAE). This result brought average economic growth for the first two months of the year to 3.7%, according to Dominican Today. Growth was driven mainly by strong performances in key sectors, including mining (9.4%), construction (5.8%), and services (3.5%). Within services, notable gains were seen in education, health, tourism-related activities such as hotels, bars and restaurants, as well as financial services and professional activities, the report notes. Additional contributions came from agriculture (3.2%), local manufacturing (2.4%), and free trade zone manufacturing (1.2%), the report relays. Construction activity was supported by increased public spending and private investment in residential, commercial, and tourism projects, along with more favorable lending rates, the report discloses. Meanwhile, mining expanded due to higher output of gold, silver, and construction materials, while tourism growth was fueled by a 10% rise in air arrivals, reaching nearly 1.65 million visitors in the first two months of the year, the report says. Financial intermediation also strengthened, reflecting an 8.1% increase in private sector credit, while agriculture benefited from higher production and government support programs, the report notes. Despite the positive outlook, the Central Bank noted ongoing global uncertainty linked to geopolitical tensions and rising oil prices, reaffirming its commitment to maintaining macroeconomic stability and controlling inflation, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ================= G U A T E M A L A ================= MILLICOM INT'L: Moody's Rates USD75MM Add-on Sr. Unsec. Notes 'Ba3' ------------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to the additional USD75 million senior unsecured notes due 2032 to be issued by Millicom International Cellular S.A. (Millicom). The outlook is stable. Millicom's Ba2 Corporate Family Rating and its existing Ba3 senior unsecured debt ratings remain unchanged. The additional notes will be issued as a reopening of Millicom's existing 7.375% senior unsecured notes due 2032, originally issued in April 2024, and will rank pari passu with all other senior unsecured indebtedness of the company. Net proceeds from the issuance will be used for general corporate purposes, which may include capital expenditures and mergers and acquisitions. The transaction is not expected to have a material impact on Millicom's leverage or liquidity profile. RATINGS RATIONALE The Ba3 rating assigned to the additional senior unsecured notes reflects their structural subordination to debt at the operating company level and their unguaranteed status, consistent with Millicom's existing senior unsecured debt ratings. Holding company debt represents a meaningful share of consolidated indebtedness, which constrains recovery prospects relative to the operating subsidiaries. Millicom's Ba2 corporate family rating reflects the group's strong competitive positioning in key Latin American markets, diversified cash flow generation, and resilient operating performance, supported by disciplined financial management. These strengths are partly offset by exposure to emerging market operating environments, competitive intensity in certain markets, and execution risks related to acquisitions and strategic initiatives. The issuance of the additional notes does not alter Moody's expectations that Millicom will maintain adequate liquidity, continue to manage its debt maturity profile proactively, and pursue financial policies consistent with its stated medium-term leverage targets. The stable outlook reflects Moody's expectation that Millicom will maintain credit metrics commensurate with its current ratings, supported by stable operating performance, continued access to capital markets, and a prudent approach to liquidity and liability management. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade could be considered if Millicom demonstrates a sustained improvement in leverage, with Moody's-adjusted debt/EBITDA trending toward or below 2.5x, alongside consistently positive free cash flow, strong liquidity, and conservative financial policies. Conversely, the ratings could be downgraded if leverage is expected to remain above 3.5x on a sustained basis, if liquidity weakens materially, or if shareholder distributions or acquisitions result in persistent negative free cash flow and weaken the company's financial profile. The principal methodology used in this rating was Telecommunications Service Providers published in December 2025. Millicom International Cellular S.A. is a leading telecommunications provider in Latin America, with mobile and fixed-line operations in 12 countries (including Chile). As of December 2025, the company had approximately 42 million mobile customers and 13.7 million home broadband/service revenue-generating units. Its two largest markets, Guatemala and Colombia, contributed 55% of revenue in 2025. Millicom reported consolidated revenue of approximately $5.8 billion and EBITDA of approximately $2.8 billion in 2025. Its diversified footprint and expanded scale position it as the primary regional competitor to America Movil, though full benefits will depend on effective execution. ============= J A M A I C A ============= ECLIPSE AT HALF MOON: Reopens After 6 Months of Closure ------------------------------------------------------- RJR News reports that workers have returned to duties at the Half Moon Resort after nearly six months of closure, following the passage of Hurricane Melissa. The resort was among 12 major hotels in Montego Bay forced to shut down in the aftermath of the Category 5 storm, according to RJR News. Hotel officials say the decision to close was driven largely by the impact on staff, with more than 80% of workers affected, the report notes. The hotel, however, did incur some damage as a result of the storm, the report relays. Operations have now partially resumed, with only the Eclipse section of the property reopening, the report discloses. The remainder of the resort is expected to stay closed until later this year, the report adds. JAMAICA: BoJ Holds Benchmark Interest Rate at 5.5% Per Annum ------------------------------------------------------------ RJR News reports that the Bank of Jamaica has held its benchmark interest rate at 5.5 per cent per annum. The central bank said it will continue special measures to support stability in the foreign exchange market, including the direct supply of foreign currency to selected operators in the energy sector, according to RJR News. However, the Bank is warning that the ongoing conflict in the Middle East could negatively affect its economic growth projection of between one and three per cent for the next fiscal year, the report notes. It also says the war is likely to push inflation above earlier forecasts, due to rising crude oil and commodity prices, the report relays. Despite this, the BoJ notes that weaker consumer demand, driven by reduced purchasing power, could help to offset some of the upward pressure on prices, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== HAITI: Facing Increasingly Challenging Macroeconomic Environment ---------------------------------------------------------------- A staff team from the International Monetary Fund (IMF) led by Mr. Camilo E. Tovar, conducted a virtual mission from March 23 to April 1st, 2026, to assess progress under Haiti's program. SMPs are informal agreements between country authorities and the IMF to monitor the implementation of the authorities' economic program and build a track record of policy implementation that could pave the way for financial assistance from the IMF's upper credit tranche (UCT). Haiti's SMP is tailored to Haiti's context of acute security challenges, institutional fragility, and capacity constraints. It supports the authorities' economic policy priorities, including stabilizing the economy, strengthening governance, and reinforcing the social safety net. Engagement with the authorities will continue over the coming weeks. At the conclusion of the mission, Mr. Tovar issued the following statement: "Haiti is facing an increasingly challenging macroeconomic environment shaped by persistent insecurity and recurrent domestic and external shocks. The oil price shock stemming from the war in the Middle East has emerged as a major headwind, significantly raising the fuel import bill and implicit subsidy cost, and aggravating an already weak fiscal position. These pressures add to the impact of Hurricane Melissa in October 2025, which disrupted economic activity and exacerbated humanitarian needs, and are taking place amid an ongoing fragile political transition, that would allow the country to organize elections later this year—the first in a decade. "Real GDP contracted for a seventh consecutive year in FY2025. Inflation has eased rapidly in recent months, reaching 22.1 percent year-on-year -- after peaking at about 32 percent year at end FY2025—and is expected to remain elevated. Against the backdrop of weak economic activity and heightened uncertainty, financial intermediation has continued to contract. Retrenchment in bank lending and financial disintermediation have contributed to improvements in non‑performing loan ratios, while capital adequacy ratios remain well above regulatory minimums. "Despite a deteriorating external environment, international reserve buffers remain adequate. Higher international oil prices are weighing on the external position, but these pressures are partly offset by strong remittance inflows despite the uncertainty surrounding the potential extension of Haitian’s Temporary Protected Status (TPS) in the United States. As a result, the current account is expected to remain broadly balanced in FY2026. Gross international reserves are projected to reach about US$3.4 billion at end FY2026 -- over seven months of prospective imports of goods and services. The nominal exchange rate has remained broadly stable, which given the high level of inflation, has contributed to an appreciation of the real exchange rate. "Fiscal policy remains constrained by persistent security challenges, institutional weaknesses, and limited policy space. Revenue performance in FY2026 has been weak, reflecting disruptions to economic activity due to security conditions, administrative fragilities, and institutional paralysis triggered by the termination of the Transitional Presidential Council’s mandate. Higher international oil prices are expected to add further pressure through higher implicit subsidy costs. Budget execution has remained uneven amid capacity constraints and heightened uncertainty. These developments have sharpened policy trade-offs and underscore the importance of prioritizing spending while safeguarding support for the most vulnerable. "Risks to the outlook are tilted to the downside. A further deterioration in security conditions, together with persistently higher global oil prices, could further strain economic activity, aggravate humanitarian conditions through higher food prices, and intensify fiscal pressures. Potential shifts in foreign immigration policies could slow remittance inflows, with adverse implications for the external position. On the upside, the deployment of the Gang Suppression Force —supported by the newly established United Nations Support Office for Haiti—could help restore confidence and support economic activity. "All program targets were met at end-December 2025. Reserve accumulation has been strong with net international reserves reaching USD 1.76 billion in December 2025. The revenue, primary balance, and social spending targets all remained on track. The monetary financing target was also met despite an increasingly constrained fiscal space. The reform agenda—covering governance, public financial management, safeguards, and data provision—continues to advance, albeit with delays in some areas." The SMP will continue to emphasize the following priorities: "Strengthening governance to address fragility and rebuild trust in public institutions. Reforms anchored in the Governance Diagnostic Report aim to improve the integrity and effectiveness of public institutions, including more transparent management of public finances, stronger safeguards in revenue administration, and more effective mechanisms to deter and address corruption, organized crime, and illicit financial activities. Efforts to further strengthen the anti‑money laundering and combating the financing of terrorism framework—including through the publication of the recently concluded national risk assessment and closing remaining gaps -- are also critical to reinforcing financial integrity and supporting Haiti’s exit from the Financial Action Task Force grey list. "Stepping up revenue mobilization efforts given Haiti’s low revenue base and large security and development needs. Higher international oil prices are straining fiscal space, reinforcing the importance of accelerating tax and customs administration reforms, including operationalizing the new tax code, strengthening the digital infrastructure, and improving compliance -- particularly among large taxpayers. The authorities' decision to increase domestic fuel prices at the pump will reduce foregone revenues resulting from the oil price shock. IMF staff reiterates the importance of reinforcing measures to protect the most vulnerable, including by leveraging the remaining resources from the IMF 2023 Food Shock Window. Staff welcomes the new decree putting in place a more predictable framework for domestic fuel price setting. At the same time, staff stresses the importance of ensuring that this fuel price setting framework is accompanied by a well-prepared communication strategy to ensure public support. "Improving budget execution to ensure that limited public resources are effectively directed toward priority social, humanitarian, and security spending amid rising needs. In line with the recommendation from one of the most recent IMF Technical Assistance, this requires stronger cash management, tighter commitment controls, and better preparation and prioritization of public investment projects. These reforms are also critical to ensure the timely and effective delivery of public assistance, strengthen social spending execution, and safeguard support to vulnerable households. Together, they will help improve spending efficiency, improve the management of fiscal risks, and enable public spending to better support development and reconstruction efforts in a constrained environment. "Consolidating the central bank’s policy framework and credibility. The Bank of the Republic of Haiti (BRH) remains committed to preserving price and exchange rate stability. This commitment continues to underpin macroeconomic performance and reinforces policy credibility under the SMP. Exchange rate stability has provided an important nominal anchor for the economy which continues to be supported by a prudent and sustained accumulation of international reserves. Governance at the central bank has been strengthened through the adoption of a new reserve management framework, including updated investment policies and guidelines that better align reserve management with safety and liquidity objectives. "Enhancing the regulatory and supervisory frameworks in the financial system. The authorities are making progress in strengthening risk‑based banking supervision, including through the continued rollout of on‑site inspections and enhancements to off‑site monitoring of banks’ risk profiles. Efforts are underway to operationalize the new supervisory framework, integrate risk‑assessment tools into the BRH’s supervisory architecture, and finalize a new chart of accounts for financial institutions. These reforms are intended to safeguard financial stability and reinforce the resilience of the banking system amid a challenging operating environment. "Improving data quality and timeliness. Having completed the audit and publication of the Bank of the Republic of Haiti’s FY2023 financial statements, work is underway to start the FY2024 financial statements audit. Continued implementation of the recommendations of the safeguards assessment will further reinforce governance and risk‑management practices at the central bank. Efforts are also progressing to strengthen data reporting frameworks, including advances toward the International Reserves and Foreign Currency Liquidity template and improvements in external sector statistics in line with IMF technical assistance. Further progress in aligning government finance statistics with international Government Finance Statistics standards and bringing the reporting of financial soundness indicators in line with international methodologies will help strengthen fiscal reporting and reinforce financial oversight. "Collaborating with development partners to manage elevated fiscal risks and preserve macroeconomic stability, and the reform agenda. Amid heightened oil price pressures, there is an increasing risk that financing gaps could translate into domestic debt accumulation, undermining the public sector’s balance sheet. External support should be provided primarily in the form of grants rather than non‑concessional borrowing. Together with rigorous appraisal and transparency requirements for donor‑financed operations, this support would help safeguard the public sector balance sheet, consolidate progress achieved under the program, and support a durable recovery that improves living conditions for the Haitian people. In line with the Fund Strategy for Fragile and Conflict-Affected States, IMF staff will continue to collaborate closely with Haiti’s main development partners, particularly on governance and strengthening institutional capacity. "The IMF staff team met with the Minister of Economy and Finance, Mr. Serge Gabriel Collin, the Governor of the Bank of the Republic of Haiti, Mr. Ronald Gabriel, and other senior government officials. The mission expresses gratitude to the Haitian authorities for their strong cooperation and the open, constructive discussions throughout the engagement." PUERTO RICO: 1st Cir. Mulls if Restructuring Shields Officials -------------------------------------------------------------- Carolyn Muyskens at law360.com reports that the First Circuit wrestled with whether to overturn a ruling that Puerto Rico's debt restructuring does not block civil rights lawsuits against the commonwealth's officials as individuals, giving no clear indication as to how the panel may rule. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. PUERTO RICO: Bankruptcy Blocks Paul Weiss, ACLU Fee Requests ------------------------------------------------------------ Carolyn Muysken of Law360 reports that the First Circuit ruled that ACLU and Paul Weiss attorneys cannot collect fees for their work easing voting-by-mail restrictions in Puerto Rico during the COVID-19 pandemic because they were discharged in the territory's bankruptcy. The decision reinforces the principle that bankruptcy discharge can eliminate claims even for successful, socially significant legal work. The case arose after the attorneys challenged Puerto Rico's restrictions on mail-in voting, arguing that voters' rights were imperiled. Though they prevailed in court and facilitated broader access to voting, the bankruptcy proceedings precluded them from recovering fees for their efforts, the report states. The ruling illustrates the sweeping effect of Puerto Rico's bankruptcy protections, affecting claims by attorneys, creditors, and other parties. Legal analysts say it underscores the importance of timing and understanding discharge implications when representing government entities in financial distress, according to Law360. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. RB MARKETPLACE: To Sell Freightliner to Eduard Vega Delgado ----------------------------------------------------------- RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor was the registered owner of the 2014 Freightliner M2 with a value of $23,988. The motor vehicle registered at the Puerto Rico Department of Transportation and Public Works. The Debtor received and accepted an offer for the purchase of the Property from Eduard Vega Delgado for the amount of $25,000, to be bought "where is and as is" under the terms and condition in the sales option contract. The purchase price offered for the vehicle constitutes fair and reasonable price, considering the age and condition of the motor vehicle. The Buyer has also assumed all costs and expenses of the purchase and the transfer of the title in his name at the DTOP. The Buyer is not a relative, business associate, friend, partner, neighbor, nor is he in any way related to the Debtor, in a manner which could be considered an insider of the Debtor. The sale of the motor vehicle is beneficial to the estate as the Debtor-in-Possession will reduce his expenses and will also allow it to fund its operation. About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-00982) on March 6, 2026. At the time of the filing, the Debtor disclosed up to $10,000,001 to $50 million in assets and $1,000,001 to $10 million in liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. is Debtor's counsel. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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